<ARTICLE>    5
<LEGEND>
The Schedule contains summary financial information extracted from the 
financial statements for American Tax-Exempt Bond Trust and is qualified 
in its entirety by reference to such financial statements
</LEGEND>
<CIK>    0000916824
<NAME> American Tax-Exempt Bond Trust
<MULTIPLIER>    1
       
    
<PERIOD-TYPE>    12-MOS
<FISCAL-YEAR-END>    DEC-31-1998
<PERIOD-START>    JAN-01-1998
<PERIOD-END>    DEC-31-1998
<CASH>    889,126
<SECURITIES>    26,607,953
<RECEIVABLES>    182,058
<ALLOWANCES>    0
<INVENTORY>    0
<CURRENT-ASSETS>    0
<PP&E>    0
<DEPRECIATION>    0
<TOTAL-ASSETS>    27,691,637
<CURRENT-LIABILITIES>    661,178
<BONDS>    0
<PREFERRED-MANDATORY>    0
<PREFERRED>    0
<COMMON>    0
<OTHER-SE>    27,030,459
<TOTAL-LIABILITY-AND-EQUITY>    27,691,637
<SALES>    0
<TOTAL-REVENUES>    2,112,890
<CGS>    0
<TOTAL-COSTS>    0
<OTHER-EXPENSES>    213,017
<LOSS-PROVISION>    0
<INTEREST-EXPENSE>    0
<INCOME-PRETAX>    1,899,873
<INCOME-TAX>    0
<INCOME-CONTINUING>    0
<DISCONTINUED>    0
<EXTRAORDINARY>    0
<CHANGES>    0
<NET-INCOME>    1,899,873
<EPS-PRIMARY>    1.20
<EPS-DILUTED>    0